Archon Group and Goldman Sachs have sold a large Renton apartment complex called Copper Ridge for just over $36.5 million, or 21 percent more than what the property traded hands for in 2012.

It's the second major apartment property in Renton to sell recently. Last week, Los Angeles-based real estate investment firm TruAmerica Multifamily paid $28.7 million for a 174-unit complex called Montclair Heights.

The buyer of the 325-unit Copper Ridge property, 4600 Davis Ave. S., is a limited liability company whose address is the same as Citation Homes Central of Santa Clara, Calif.

Apartment brokers Tim Brown, Chris Ross and Jeff Williams listed the property for sale. Brown said Citation Homes plans to continue renovating Copper Ridge, which is 97 percent occupied. The average per-square-foot rents at Copper Ridge were not available.

Renton, whose city motto is Ahead of the Curve, is "a pretty hot market," Ross said. The Boeing plant in Renton is ramping up production. In addition, demand for apartments in close-in suburbs is increasing as rents in the core of Seattle continue climbing.

Marc Stiles covers commercial real estate and government for the Puget Sound Business Journal.

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